The IRS is closing gaps and loopholes in its treatment of 1031 exchanges. 1031 exchanges are among the most closely scrutinized tax issues for auditors – they are widely used and frequently misused, with many investors running afoul of the rules. There is a particularly high audit rate for partnership 1031 transactions.

On today’s show, we’ll review the main reasons for most 1031 audits, and what to look out for under the new tax law.

The IRS carefully examines partnership 1031 exchanges, including assignment language in purchase contracts and how funds are secured to accommodate exchanges in the state. Failing to meet federal and state requirements can result in civil and/or criminal penalties.

Our guest today has over thirty years helping tens of thousands of clients with tax representation and resolving all types of tax situations that can arise with federal and state taxes.

About Kathy Fettke

Kathy Fettke is the Co-Founder and Co-CEO of Real Wealth Network. She is passionate about researching and then sharing the most important information about real estate, market cycles and the economy. Author of the #1 best-seller, Retire Rich with Rentals, Kathy is a frequent guest expert on such media as CNN, CNBC, Fox News, NPR and CBS MarketWatch.

Footer

As seen on:

2003

Established

39,120

Number of Members

$573M

Total Value of Assets Acquired by RWN Members

642

Free Educational Webinars Produced

Inc. 5000

RealWealth Network recognized on the Inc. 5000 list of America’s Fastest Growing Companies...for the 2nd year in a row! Read The Full Article

Company

Real Wealth Network, LLC is an educational company and is not acting as a real estate broker. Always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Never send funds directly to a seller but instead, use the services of professional title and escrow companies.

Check in with Real Wealth Network before purchasing property to verify that affiliates and markets have not changed in quality or performance. Real Wealth Network does not provide legal, tax, accounting, or other professional advice. Nothing on this website email is intended to form a contract or binding legal commitment.